10 Places To Buy A Retirement Home For Under $150,000

U.S. News & World ReportU.S. News & World Report

Moving to a city where housing costs significantly less than where you live now can give your nest egg a quick and significant boost. It’s even better if the new city has plenty of amenities and recreation opportunities for retirees.

Here are 10 places where median home values are less than $150,000.

Bangor, Maine

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Located on the banks of the Penobscot River, Bangor offers a variety of recreation opportunities ranging from prolific outdoor activities to museums and a symphony orchestra. But median home values remain low – just $135,100 in 2012, according to Census Bureau data

Champaign-Urbana, Illinois

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The Champaign and Urbana metro area is home to the University of Illinois, an extensive park system and a wide variety of art, science and history museums. The median home value is a reasonable $138,200.

Columbia, South Carolina

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Low housing costs are a big reason to consider retirement in South Carolina’s capital city. The median home value was $139,800 in 2012. But there’s also plenty of pleasant ways to spend your time, including visits to the Riverbanks Zoo and University of South Carolina.

Duluth, Minnesota

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Located on the shore of Lake Superior, Duluth has 129 municipal parks, sculpture and rose gardens, and plenty of opportunities for fishing, hiking and viewing the abundant wildlife. The median home value is a modest $137,100.

Jacksonville, Florida

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Housing is more affordable in Jacksonville than in many other parts of Florida, with the median home valued at $147,400 in 2012. The pleasant weather and proximity to St. Johns River and the Atlantic Ocean offer plenty of opportunities for boating, fishing and swimming.

Las Cruces, New Mexico

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Las Cruces is home to New Mexico State University, where state residents age 65 and older are eligible to take courses for just $5 per credit hour. Nearby property is affordable too, with the median home valued at $132,900 in 2012.

Las Vegas, Nevada

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While spending time at casinos and shows may not be affordable, the housing in the Las Vegas and Paradise metro area definitely is. The median home was valued at $145,200 in 2012.

Pittsburgh, Pennsylvania

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The median home value is $124,300 in Pittsburgh. For that price, you get to live near world-class sports teams and extensive museum, music and entertainment options. An added bonus: Senior citizens age 65 and older ride free on the bus and the T.

Yuma, Arizona

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This sunny city is popular among retirees for its warm winters and prolific sunshine. The low median home value of $109,200 also makes this an ideal place to retire if you can tolerate the hot summers.

San Antonio, Texas

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Texas has no state income tax, and housing is often affordable, making this a bargain retirement spot. The median home value in the San Antonio and New Braunfels metro area was $132,100 in 2012.

CORRECTION: A previous version of this article mistakenly said that Las Cruces, New Mexico is the home of the University of New Mexico. It's actually the home of New Mexico State University.

Some retirement communities have lowered the age-admission bar to 50. But therein lies the rub: Just because they let 50-year-olds in, doesn't mean everyone who lives there is 50. Do you really want to be the only 50 year old in a community where most people are in their 80s?
A retirement community can be a little evasive when you ask about the age of residents, in part because it's constantly changing. The average age of residents tends to rise as the community matures, so while the average age of <em>new</em> buyers might be on the young side, you want to be sure you know the average age of <em>all</em> the residents who live there. It's an important distinction. One surefire way to evaluate who your neighbors will be is to check out who the recreational programs cater to. Is it heavy with clubs for marathoners, tennis players and Pilates classes? Or is loaded with offerings like knitting, Mahjong and bridge?